Examples of Second Tranche Advance in a sentence
On the funding of any part of the Second Tranche Advance, Borrower shall pay the remaining $100,000 of the Facility Charge.
In addition to such interest payments, beginning on the earlier of (i) September 1, 2017 or (ii) the first day of the first month following the Amortization Trigger, Borrower shall make principal payments to Lenders of (i) $105,000, if Borrower has received only the First Tranche Advance, or (ii) $117,000 if Borrower has received the First Tranche Advance and the Second Tranche Advance.
To request the Second Tranche Advance, Borrower shall notify Lenders by 3:00 p.m. Pacific time at least three business days before the date of the Advance, which will be a business day.
Prior to the issuance of a Borrowing Notice for the Second Tranche Advance, the Borrower shall have satisfied or fulfilled all conditions precedent set out in Section 6.3 and provided to the Lender all documentation contemplated therein, and the Lender shall have confirmed to the Borrower in writing the satisfaction and fulfillment of the conditions precedent set out in Section 6.3 and the Lender’s satisfaction with all documentation delivered in connection therewith.
To request the Second Tranche Advance, Borrower shall notify Lender by 3:00 p.m. Pacific time at least three business days before the date of the Advance, which will be a business day.
The parties agree that the number of shares initially issuable to Lender on or prior to the date of the Second Tranche Advance (such date, the “Valuation Date”) shall be Four Million (4,000,000) shares of Common Stock (the “Shares”).
For the avoidance of doubt, the $15,000,000 commitment for the Second Tranche Advance set forth in Section 2.1(a)(ii) of the Loan Agreement in effect prior to this Amendment has been terminated in full and is now replaced by the Second Tranche Advance commitment set forth in this Amendment.
Evergreen Marine, 4 F.3d at 95 (noting that an actor is “not relieved of liability .
The Advance Agreement provides inter alia that where both the First Tranche Advance and the Second Tranche Advance are made, and the Advances and interest thereon are not fully repaid or settled on or before the Maturity Date, ATB may exercise its rights of enforcement under the Schorch Charge at any time after the Maturity Date.
Beginning on July 1, 2018 and continuing on the first day of each month thereafter, Borrower shall make principal payments to Lender of (i) $26,000, if Borrower has received only the First Tranche Advance, or (ii) $39,000 if Borrower has received the First Tranche Advance and the Second Tranche Advance.